Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | May 04, 2018 | Jul. 01, 2017 | |
Entity Information [Line Items] | |||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q1 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2018 | ||
Entity Registrant Name | VISHAY INTERTECHNOLOGY INC | ||
Entity Central Index Key | 103,730 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,237,000,000 | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 132,117,715 | ||
Class B Convertible Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 12,097,427 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 839,591 | $ 748,032 |
Short-term investments | 501,221 | 547,136 |
Accounts receivable, net | 376,537 | 340,027 |
Inventories: | ||
Finished goods | 132,996 | 127,272 |
Work in process | 184,613 | 170,319 |
Raw materials | 143,039 | 132,068 |
Total inventories | 460,648 | 429,659 |
Prepaid expenses and other current assets | 116,948 | 130,336 |
Total current assets | 2,294,945 | 2,195,190 |
Property and equipment, at cost: | ||
Land | 92,929 | 92,285 |
Buildings and improvements | 617,071 | 606,168 |
Machinery and equipment | 2,461,857 | 2,415,769 |
Construction in progress | 94,027 | 103,058 |
Allowance for depreciation | (2,358,549) | (2,311,522) |
Property, Plant and Equipment, Net, Total | 907,335 | 905,758 |
Goodwill | 147,047 | 142,742 |
Other intangible assets, net | 73,072 | 69,754 |
Other assets | 148,111 | 148,645 |
Total assets | 3,570,510 | 3,462,089 |
Current liabilities: | ||
Notes payable to banks | 56 | 4 |
Trade accounts payable | 191,935 | 222,373 |
Payroll and related expenses | 136,386 | 135,702 |
Other accrued expenses | 161,990 | 154,230 |
Income taxes | 38,676 | 50,226 |
Total current liabilities | 529,043 | 562,535 |
Long-term debt less current portion | 406,385 | 370,470 |
U.S. transition tax payable | 165,600 | 151,200 |
Deferred income taxes | 342,207 | 336,465 |
Other liabilities | 77,425 | 75,249 |
Accrued pension and other postretirement costs | 283,754 | 281,701 |
Total liabilities | 1,804,414 | 1,777,620 |
Redeemable convertible debentures | 250,990 | 252,070 |
Vishay stockholders' equity | ||
Common stock | 13,212 | 13,188 |
Class B convertible common stock | 1,210 | 1,213 |
Capital in excess of par value | 1,753,762 | 1,752,506 |
(Accumulated deficit) retained earnings | (307,833) | (362,254) |
Accumulated other comprehensive income (loss) | 52,544 | 25,714 |
Total Vishay stockholders' equity | 1,512,895 | 1,430,367 |
Noncontrolling interests | 2,211 | 2,032 |
Total equity | 1,515,106 | 1,432,399 |
Total liabilities, temporary equity, and equity | $ 3,570,510 | $ 3,462,089 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Consolidated Condensed Statements of Operations [Abstract] | ||
Net revenues | $ 716,795 | $ 604,801 |
Costs of products sold | 511,495 | 443,052 |
Gross profit | 205,300 | 161,749 |
Selling, general, and administrative expenses | 101,238 | 92,702 |
Restructuring and severance costs | 0 | 1,469 |
Operating income | 104,062 | 67,578 |
Other income (expense): | ||
Interest expense | (7,677) | (6,790) |
Other components of net periodic pension cost | (3,519) | (2,890) |
Other | (847) | (396) |
Loss on disposal of equity affiliate | 0 | (7,060) |
Nonoperating Income (Expense), Total | (12,043) | (17,136) |
Income before taxes | 92,019 | 50,442 |
Income tax expense | 29,474 | 13,493 |
Net earnings | 62,545 | 36,949 |
Less: net earnings attributable to noncontrolling interests | 179 | 230 |
Net earnings attributable to Vishay stockholders | $ 62,366 | $ 36,719 |
Basic earnings per share attributable to Vishay stockholders | $ 0.43 | $ 0.25 |
Diluted earnings per share attributable to Vishay stockholders | $ 0.39 | $ 0.24 |
Weighted average shares outstanding - basic | 144,327 | 146,274 |
Weighted average shares outstanding - diluted | 159,502 | 154,876 |
Cash dividends per share | $ 0.0675 | $ 0.0625 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net earnings | $ 62,545 | $ 36,949 |
Other comprehensive income (loss), net of tax | ||
Pension and postretirement actuarial items | 1,607 | 2,335 |
Foreign currency translation adjustment | 27,024 | 17,293 |
Unrealized gain (loss) on available-for-sale securities | 0 | 271 |
Other comprehensive income (loss) | 28,631 | 19,899 |
Comprehensive income (loss) | 91,176 | 56,848 |
Less: comprehensive income attributable to noncontrolling interests | 179 | 230 |
Comprehensive income (loss) attributable to Vishay stockholders | $ 90,997 | $ 56,618 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Operating activities | ||
Net earnings | $ 62,545 | $ 36,949 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 40,558 | 40,212 |
(Gain) loss on disposal of property and equipment | (176) | 60 |
Accretion of interest on convertible debentures | 1,309 | 1,211 |
Inventory write-offs for obsolescence | 5,457 | 4,834 |
Deferred income taxes | 7,014 | 4,307 |
Non-cash loss on disposal of equity affiliate | 0 | 7,060 |
Other | 2,908 | 2,026 |
Net change in operating assets and liabilities, net of effects of businesses acquired | (72,756) | (52,985) |
Net cash provided by operating activities | 46,859 | 43,674 |
Investing activities | ||
Capital expenditures | (28,273) | (16,668) |
Proceeds from sale of property and equipment | 184 | 943 |
Purchase of businesses, net of cash acquired | (12,072) | 0 |
Purchase of short-term investments | (39,243) | (151,886) |
Maturity of short-term investments | 93,194 | 147,530 |
Other investing activities | (935) | (5,971) |
Net cash provided by (used in) investing activities | 12,855 | (26,052) |
Financing activities | ||
Net proceeds (payments) on revolving credit lines | 34,000 | 20,000 |
Net changes in short-term borrowings | 52 | 8 |
Cash withholding taxes paid when shares withheld for vested equity awards | (2,297) | (1,971) |
Other financing activities | 0 | (1,255) |
Net cash provided by (used in) financing activities | 22,020 | 7,646 |
Effect of exchange rate changes on cash and cash equivalents | 9,825 | 2,337 |
Net increase (decrease) in cash and cash equivalents | 91,559 | 27,605 |
Cash and cash equivalents at beginning of period | 748,032 | 471,781 |
Cash and cash equivalents at end of period | 839,591 | 499,386 |
Common Stock [Member] | ||
Financing activities | ||
Dividends and Interest Paid | (8,918) | (8,378) |
Class B Convertible Common Stock [Member] | ||
Financing activities | ||
Dividends and Interest Paid | $ (817) | $ (758) |
Consolidated Condensed Stateme6
Consolidated Condensed Statement of Equity - USD ($) $ in Thousands | Common Stock | Class B Convertible Common Stock [Member] | Capital In Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Vishay Stockholders' Equity | Noncontrolling Interest | Total |
Cumulative effect of accounting change for adoption of ASU | $ 0 | $ 0 | $ 0 | $ 2,210 | $ 0 | $ 2,210 | $ 0 | $ 2,210 |
Balance at December 31, 2017 at Dec. 31, 2015 | 13,546 | 1,213 | 2,058,492 | (319,448) | (131,327) | 1,622,476 | 5,567 | 1,628,043 |
Net earnings | 0 | 0 | 0 | 48,792 | 0 | 48,792 | 581 | 49,373 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 36,675 | 36,675 | 0 | 36,675 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (707) | (707) |
Share repurchase | (175) | 0 | (22,984) | 0 | 0 | (23,159) | 0 | (23,159) |
Temporary equity reclassification | 0 | 0 | (88,659) | 0 | 0 | (88,659) | 0 | (88,659) |
Restricted stock issuances | 11 | 0 | (553) | 0 | 0 | (542) | 0 | (542) |
Dividends declared | 0 | 0 | 36 | (36,761) | 0 | (36,725) | 0 | (36,725) |
Stock compensation expense | 0 | 0 | 6,380 | 0 | 0 | 6,380 | 0 | 6,380 |
Stock options exercised | 3 | 0 | 353 | 0 | 0 | 356 | 0 | 356 |
Tax effects of stock plan | 0 | 0 | (77) | 0 | 0 | (77) | 0 | (77) |
Balance at Dec. 31, 2016 | 13,385 | 1,213 | 1,952,988 | (305,207) | (94,652) | 1,567,727 | 5,441 | 1,573,168 |
Cumulative effect of accounting change for adoption of ASU | 0 | 0 | 0 | 386 | 0 | 386 | 0 | 386 |
Net earnings | 0 | 0 | 0 | (20,344) | 0 | (20,344) | 784 | (19,560) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 120,366 | 120,366 | 0 | 120,366 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (1,140) | (1,140) |
Acquisition of noncontrolling interests | 0 | 0 | (1,047) | 0 | 0 | (1,047) | (3,053) | (4,100) |
Share repurchase | (225) | 0 | (39,719) | 0 | 0 | (39,944) | 0 | (39,944) |
Temporary equity reclassification | 0 | 0 | (163,411) | 0 | 0 | (163,411) | 0 | (163,411) |
Restricted stock issuances | 20 | 0 | (1,991) | 0 | 0 | (1,971) | 0 | (1,971) |
Dividends declared | 0 | 0 | 40 | (37,089) | 0 | (37,049) | 0 | (37,049) |
Stock compensation expense | 0 | 0 | 4,394 | 0 | 0 | 4,394 | 0 | 4,394 |
Stock options exercised | 8 | 0 | 1,252 | 0 | 0 | 1,260 | 0 | 1,260 |
Balance at Dec. 31, 2017 | 13,188 | 1,213 | 1,752,506 | (362,254) | 25,714 | 1,430,367 | 2,032 | 1,432,399 |
Cumulative effect of accounting change for adoption of ASU | 0 | 0 | 0 | 1,801 | (1,801) | 0 | 0 | 0 |
Net earnings | 0 | 0 | 0 | 62,366 | 0 | 62,366 | 179 | 62,545 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 28,631 | 28,631 | 0 | 28,631 |
Conversions from Class B to common stock | 3 | (3) | 0 | 0 | 0 | 0 | 0 | 0 |
Temporary equity reclassification | 0 | 0 | 1,080 | 0 | 0 | 1,080 | 0 | 1,080 |
Restricted stock issuances | 21 | 0 | (2,318) | 0 | 0 | (2,297) | 0 | (2,297) |
Dividends declared | 0 | 0 | 11 | (9,746) | 0 | (9,735) | 0 | (9,735) |
Stock compensation expense | 0 | 0 | 2,483 | 0 | 0 | 2,483 | 0 | 2,483 |
Balance at Mar. 31, 2018 | $ 13,212 | $ 1,210 | $ 1,753,762 | $ (307,833) | $ 52,544 | $ 1,512,895 | $ 2,211 | $ 1,515,106 |
Consolidated Condensed Stateme7
Consolidated Condensed Statement of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Condensed Statement of Equity [Abstract] | |||
Restricted stock issuances (in shares) | 211,328 | 200,688 | 110,825 |
Stock repurchase (in shares) | 2,250,236 | 1,752,454 | |
Stock options exercised (in shares) | 77,334 | 27,619 | |
Conversion of Class B shares | 31,800 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.0675 | $ 0.2550 | $ 0.2500 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. ("Vishay" or the "Company") have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the consolidated financial statements filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2017. The results of operations for the fiscal quarter ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2018 end on March 31, 2018, June 30, 2018, September 29, 2018, and December 31, 2018, respectively. The four fiscal quarters in 2017 ended on April 1, 2017, July 1, 2017, September 30, 2017, and December 31, 2017, respectively. Recently Adopted Accounting Guidance In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Recently Issued Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Changes in Accounting Policies Except for the changes described in "Recently Adopted Accounting Guidance" above and in this section below, the Company has consistently applied the accounting policies described in its Note 1 to its audited consolidated financial statement included in its annual report on Form 10-K for the year ended December 31, 2017, to all periods presented in these consolidated condensed financial statements. Revenue Recognition The Company adopted ASU 2014-09 as of January 1, 2018 using the full retrospective method. As a result, the Company has changed its accounting policy for revenue recognition. The details of significant changes and quantitative impact of the changes are disclosed below. Service-type warranty performance obligations ASU 2014-09 introduces the concept of service-type warranties, which represent separate performance obligations. Upon adoption of ASU No. 2014-09, the Company considers its warranty obligations as service-type warranties and allocates a portion of the estimated consideration to be received from the related contract to the service-type warranty performance obligation and recognizes the related revenue over the warranty period. The impact of accounting for service-type warranties as separate performance obligations was not significant in the retrospective adoption period and is included in the tables below. See further discussion of the warranty obligations in Note 2. Custom products The Company previously recognized revenue when the sales process was completed, which generally occurred when the product was delivered and risk of loss was transferred to the customer. Upon adoption of ASU 2014-09, the Company ASU 2014-09 provides several transition practical expedients. The Company has not restated completed contracts that begin and end in the same annual reporting period; used the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods; has not disclosed the amount of the transaction price allocated to the remaining performance obligations and an explanation of when the Company expects to recognize the amount as revenue for the reporting periods presented prior to January 1, 2016; and has not retrospectively restated the contract for modifications made prior to January 1, 2016 and instead reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price pursuant to the transition practical expedients available. Pension and Other Postretirement Benefits The Company retrospectively adopted ASU 2017-07 as of January 1, 2018. As a result, the Company has changed its accounting policy for pension and other postretirement benefits costs as detailed below. ASU 2017-07 amends the income statement presentation requirements of net periodic benefit cost of defined benefit pension and other postretirement plans. The service cost component of net periodic pension cost is recorded in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and other components of net periodic pension cost are included on a separate line within other income (expense). The Company reclassified net benefit costs other than the current service component previously reported as cost of goods sold and selling, general, and administrative expenses to other expenses for each quarter in the retrospective adoption period in the table below. The Company also reclassified the $79,321 U.S. pension settlement charges recorded for the year ended December 31, 2016 to other expenses. See the impact of this change in the tables below. The retrospective adoption of ASUs 2014-09 and 2017-07 did not impact net earnings (loss) attributed to Vishay stockholders. See the combined impact of the retrospective adoption in the tables below: Fiscal quarters ended April 1, 2017 July 1, 2017 September 30, 2017 December 31, 2017 As Reported Adjustments Recast As Reported Adjustments Recast As Reported Adjustments Recast As Reported Adjustments Recast Net revenues $ 606,258 $ (1,457 ) $ 604,801 $ 644,892 $ (1,728 ) $ 643,164 $ 677,883 $ 58 $ 677,941 $ 674,489 $ (1,027 ) $ 673,462 Costs of products sold 445,383 (2,331 ) 443,052 471,929 (2,602 ) 469,327 488,610 (816 ) 487,794 497,988 (1,902 ) 496,086 Gross profit 160,875 874 161,749 172,963 874 173,837 189,273 874 190,147 176,501 875 177,376 Operating income 64,688 2,890 67,578 82,036 2,969 85,005 92,328 3,088 95,416 72,536 3,470 76,006 Total other income (expense) (14,246 ) (2,890 ) (17,136 ) (6,327 ) (2,969 ) (9,296 ) (6,140 ) (3,088 ) (9,228 ) (5,511 ) (3,470 ) (8,981 ) Income before taxes 50,442 - 50,442 75,709 - 75,709 86,188 - 86,188 67,025 - 67,025 Income tax expense 13,493 - 13,493 19,300 - 19,300 21,605 - 21,605 244,526 - 244,526 Net earnings (loss) 36,949 - 36,949 56,409 - 56,409 64,583 - 64,583 (177,501 ) - (177,501 ) Less: net earnings attributable to noncontrolling interests 230 - 230 219 - 219 179 - 179 156 - 156 Net earnings (loss) attributable to Vishay stockholders $ 36,719 $ - $ 36,719 $ 56,190 $ - $ 56,190 $ 64,404 $ - $ 64,404 $ (177,657 ) $ - $ (177,657 ) Years ended December 31, 2016 December 31, 2017 As Reported Adjustments Recast As Reported Adjustments Recast Net revenues $ 2,323,431 $ (6,103 ) $ 2,317,328 $ 2,603,522 $ (4,154 ) $ 2,599,368 Costs of products sold 1,753,648 (10,142 ) 1,743,506 1,903,910 (7,651 ) 1,896,259 Gross profit 569,783 4,039 573,822 699,612 3,497 703,109 Operating income 101,717 95,341 197,058 311,588 12,417 324,005 Total other income (expense) (7,501 ) (95,341 ) (102,842 ) (32,224 ) (12,417 ) (44,641 ) Income before taxes 94,216 - 94,216 279,364 - 279,364 Income tax expense 44,843 - 44,843 298,924 - 298,924 Net earnings (loss) 49,373 - 49,373 (19,560 ) - (19,560 ) Less: net earnings attributable to noncontrolling interests 581 - 581 784 - 784 Net earnings (loss) attributable to Vishay stockholders $ 48,792 $ - $ 48,792 $ (20,344 ) $ - $ (20,344 ) Reclassifications In addition to the changes due to the retrospective adoption of certain aspects of new accounting guidance described above, certain prior period amounts have been reclassified to conform to the current financial statement presentation. |
Revenue Recognition Policies
Revenue Recognition Policies | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition [Text Block] | Note 2 – Revenue Recognition As of January 1, 2018, the Company recognizes revenue from contracts with customers in accordance with ASU 2014-09. The Company has framework agreements with many of its customers that contain the terms and conditions of future sales, but do not create enforceable rights or obligations. Per ASU 2014-09, the Company's contracts are the combined purchase orders and the terms and conditions contained within such framework agreements. Payment terms for the Company's sales are generally less than sixty days. Substantially all of the Company's receivables are collected within twelve months of the transfer of products to the customer and the Company expects this to continue going forward. The Company applies the practical expedient within ASU 2014-09 to all of its contracts with payment terms less than or equal to twelve months and does not recognize a financing component of the transaction price. Revenue is measured based on the consideration specified in contracts with customers, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies its performance obligations. The Company's contracts contain two performance obligations: delivery of products and warranty protection. The Company does not sell separate, enhanced, or extended warranty coverage, but through its customary business practices, the Company has created implied service-type warranties, which are accounted for as separate performance obligations. Revenue is allocated between these two performance obligations and recognized as the obligations are satisfied. The allocation of revenue to warranty protection is based on an estimate of expected cost plus margin. The delivery of products performance obligation is satisfied and product sales revenue is recognized when the customer takes control of the products. Warranty revenue is deferred and the warranty protection performance obligation is satisfied and revenue is recognized over the warranty period, which is typically less than twenty-four months from sale to end customer. The warranty deferred revenue liability is recorded within Other Accrued Expenses and Other Liabilities on the accompanying consolidated condensed balance sheets. The deferred revenue balance associated with the service-type warranty performance obligations and the components that comprise the change in the deferred revenue balance are not significant. The Company has and will continue to recognize revenue on sales to distributors when the distributor takes control of the products ("sold-to" model). The Company has agreements with distributors that allow distributors a limited credit for unsaleable products, which it terms a "scrap allowance." Consistent with industry practice, the Company also has a "stock, ship and debit" program whereby it considers requests by distributors for credits on previously purchased products that remain in distributors' inventory, to enable the distributors to offer more competitive pricing. In addition, the Company has contractual arrangements whereby it provides distributors with protection against price reductions initiated by the Company after product is sold by the Company to the distributor and prior to resale by the distributor. The Company recognizes the estimated variable consideration to be received as revenue and records a related accrued expense for the consideration not expected to be received, based upon its estimate of product returns, scrap allowances, "stock, ship and debit" credits, and price protection credits that will be attributable to sales recorded through the end of the period. The Company makes these estimates based upon sales levels to its distributors during the period, inventory levels at the distributors, current and projected market conditions, and historical experience under the programs. While the Company utilizes a number of different methodologies to estimate the accruals, all of the methodologies take into account sales levels to distributors during the relevant period, inventory levels at the distributors, current and projected market trends and conditions, recent and historical activity under the relevant programs, changes in program policies, and open requests for credits. These procedures require the exercise of significant judgments. The Company believes that it has a reasonable basis to estimate future credits under the programs. Distributor sales accrual activity is shown below: Fiscal quarters ended Years Ended December 31, March 31, 2018 April 1, 2017 2017 2016 Beginning balance $ 36,680 $ 34,479 $ 34,479 $ 32,487 Sales allowances 24,188 21,520 89,009 86,896 Credits issued (28,450 ) (23,471 ) (87,403 ) (85,341 ) Foreign currency 288 (576 ) 595 437 Ending balance $ 32,706 $ 31,952 $ 36,680 $ 34,479 The Company pays commissions to external sales representatives on a per-sale basis. The Company applies the practical expedient available within ASU 2014-09 to all commissions paid as the future amortization period of the asset that the Company otherwise would have recognized is one year or less. Accordingly, these commissions are expensed as incurred. Internal staff are not paid commissions. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the product even if the shipping and handling activities are performed after the customer obtains control. The Company does not evaluate whether shipping and handling activities are promised services to its customers. If control transfers and revenue is recognized for the related products before the shipping and handling activities occur, the related costs of those shipping and handling activities is accrued. The Company applies this accounting policy election consistently to similar types of transactions. See disaggregated revenue information in Note 10. |
Acquisition Activities
Acquisition Activities | 3 Months Ended |
Mar. 31, 2018 | |
Acquisition and Divestiture Activities [Abstract] | |
Acquisition and Divestiture Activities | Note 3 – Acquisition Activities As part of its growth strategy, the Company seeks to expand through targeted acquisitions of other manufacturers of electronic components that have established positions in major markets, reputations for product quality and reliability, and product lines with which the Company has substantial marketing and technical expertise. On February 8, 2018, the Company acquired substantially all of the assets and liabilities of UltraSource, Inc., a U.S.-based, privately-held thin film circuit and thin film interconnect manufacturer, for $13,372, subject to customary post-closing adjustments. Based on an estimate of their fair values, the Company allocated $6,500 of the purchase price to definite-lived intangible assets. After allocating the purchase price to the assets acquired and liabilities assumed based on an estimation of their fair values at the date of acquisition, the Company recorded goodwill of $4,003 related to this acquisition. The results and operations of this acquisition have been included in the Resistors & Inductors segment since February 8, 2018. The inclusion of this acquisition did not have a material impact on the Company's consolidated results for the fiscal quarter ended March 31, 2018. The goodwill related to this acquisition is included in the Resistors & Inductors reporting unit for goodwill impairment testing. The preliminary allocation is pending finalization of a working capital adjustment. There can be no assurance that the estimated amounts recorded represent the final purchase allocation. Had this acquisition occurred as of the beginning of the periods presented in these consolidated condensed financial statements, the pro forma statements of operations would not be materially different than the consolidated condensed statements of operations presented. The remaining fluctuation in the goodwill account balance is due to foreign currency translation. |
Restructuring and Related Activ
Restructuring and Related Activities | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | Note 4 – Restructuring and Related Activities The Company places a strong emphasis on controlling its costs and combats general price inflation by continuously improving its efficiency and operating performance. When the ongoing cost containment activities are not adequate, the Company takes actions to maintain its cost competitiveness. The Company incurred significant restructuring costs in its past to reduce its cost structure. Historically, the Company's primary cost reduction technique was through the transfer of production from high-labor-cost countries to lower-labor-cost countries. Since 2013, the Company's cost reduction programs have primarily focused on reducing fixed costs, including selling, general, and administrative expenses. As of December 31, 2017, the Company's restructuring programs were substantially completed. The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated condensed statements of operations: Fiscal quarter ended April 1, 2017 MOSFETs Enhanced Competitiveness Program $ 420 Global Cost Reduction Programs 1,049 Total $ 1,469 MOSFETs Enhanced Competitiveness Program Over a period of approximately 2 years and in a series of discrete steps, the manufacture of wafers for a substantial share of products was transferred into a more cost-efficient fab. As a consequence, certain other manufacturing previously occurring in-house was transferred to third-party foundries. This transfer of production was substantially completed by the end of the first fiscal quarter of 2016. As a result of a review of the financial results and outlook for the Company's MOSFETs segment following the completion of production transfers, the Company determined to implement further cost reductions for the MOSFETs segment. In November 2016, the Company announced an extension of the MOSFETs Enhanced Competitiveness Program. The revised program included various cost reduction initiatives, primarily the transfer of all remaining manufacturing operations at its Santa Clara, California facility to other Vishay facilities or third-party subcontractors. The following table summarizes the activity to date related to this program: Expense recorded in 2013 $ 2,328 Cash paid (267 ) Balance at December 31, 2013 $ 2,061 Expense recorded in 2014 6,025 Cash paid (856 ) Balance at December 31, 2014 $ 7,230 Expense recorded in 2015 5,367 Cash paid (426 ) Foreign currency translation 1 Balance at December 31, 2015 $ 12,172 Expense recorded in 2016 9,744 Cash paid (15,686 ) Foreign currency translation 2 Balance at December 31, 2016 $ 6,232 Expense recorded in 2017 3,204 Cash paid (7,173 ) Balance at December 31, 2017 $ 2,263 Cash paid (283 ) Balance at March 31, 2018 $ 1,980 Severance benefits are generally paid in a lump sum at cessation of employment. The entire liability is considered current and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. Global Cost Reduction Programs The global cost reduction programs announced in 2015 included a plan to reduce selling, general, and administrative costs company-wide, and targeted streamlining and consolidation of production for certain product lines within its Capacitors and Resistors & Inductors segments. These programs were substantially implemented as of December 31, 2017. The following table summarizes the activity to date related to this program: Expense recorded in 2015 $ 13,753 Cash paid (986 ) Foreign currency translation (150 ) Balance at December 31, 2015 $ 12,617 Expense recorded in 2016 9,918 Cash paid (16,237 ) Foreign currency translation (34 ) Balance at December 31, 2016 $ 6,264 Expense recorded in 2017 8,069 Cash paid (7,168 ) Foreign currency translation 500 Balance at December 31, 2017 $ 7,665 Cash paid (1,027 ) Foreign currency translation 148 Balance at March 31, 2018 $ 6,786 The following table summarizes the expense recognized by segment related to this program: Fiscal quarter ended April 1, 2017 Resistors & Inductors $ 851 Capacitors 161 Unallocated Selling, General, and Administrative Expenses 37 Total $ 1,049 Severance benefits are generally paid in a lump sum at cessation of employment, though some are being paid in installments. The current portion of the liability is $4,222 and is included in other accrued expenses in the accompanying consolidated condensed balance sheets. The non-current portion of the liability is included in other liabilities in the accompanying consolidated condensed balance sheets. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5 – Income Taxes The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended March 31, 2018 and April 1, 2017 reflect the Company's expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company's earnings and the applicable tax rates in the various jurisdictions where the Company operates. On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted in the United States. The TCJA represents sweeping changes in U.S. tax law. Among the numerous changes in tax law, the TCJA permanently reduced the U.S. corporate income tax rate to 21% beginning in 2018; imposed a one-time transition tax on deferred foreign earnings; established a partial territorial tax system by allowing a 100% dividends received deduction on qualifying dividends paid by foreign subsidiaries; limited deductions for net interest expense; and expanded the U.S. taxation of foreign earned income to include "global intangible low-taxed income" ("GILTI") of foreign subsidiaries. The TCJA represents the first significant change in U.S. tax law in over 30 years. As permitted by SAB No. 118, the tax expense recorded in the fourth fiscal quarter of 2017 due to the enactment of the TCJA was considered "provisional," based on reasonable estimates. The Company is continuing to collect and analyze detailed information about the earnings and profits of its non-U.S. subsidiaries, the related taxes paid, the amounts which could be repatriated, the foreign taxes which may be incurred on repatriation, and the associated impact of these items under the TCJA. The Company may record adjustments to refine those estimates during the measurement period, as additional analysis is completed. No adjustments were recorded during the first fiscal quarter of 2018. Furthermore, the Company is continuing to evaluate the TCJA's provisions and may prospectively adjust its financial structure and business practices accordingly. The TCJA transitions the U.S. from a worldwide tax system to a partial territorial tax system. Under previous law, companies could indefinitely defer U.S. income taxation on unremitted foreign earnings. The TCJA imposes a one-time transition tax on deferred foreign earnings of 15.5% for liquid assets and 8% for illiquid assets, payable in defined increments over eight years. As a result of this requirement, the Company recognized provisional tax expense of $215,558 in 2017, and provisionally expects to pay $180,000, net of estimated applicable foreign tax credits, and after utilization of net operating loss, R&D credits, and foreign tax credit carryforwards. These previously deferred foreign earnings may now be repatriated to the United States without additional U.S. federal taxation. However, any such repatriation could incur withholding and other foreign taxes in the source and intervening foreign jurisdictions, and certain U.S. state taxes. Due to the changes in taxation of dividends received from foreign subsidiaries, and also because of the need to finance the payment of the transition tax, the Company made the determination during the fourth fiscal quarter of 2017 that certain unremitted foreign earnings in Israel, Germany, Austria, and France are no longer permanently reinvested, and recorded provisional tax expense of $213,000 to accrue the incremental foreign income taxes and withholding taxes payable to foreign jurisdictions assuming the hypothetical repatriation to the United States of these approximately $1,100,000 of available foreign earnings. Due to the existence of the foreign cash taxes payable at the source, the Company expects to actually repatriate these amounts at a measured pace over several years, and may decide to ultimately not repatriate some of these amounts. The Company terminated its previous cash repatriation program and recorded a provisional income tax benefit to reverse the associated deferred tax liability as a result of this planned repatriation. No amounts were repatriated pursuant to this program in the first fiscal quarter of 2018. The Company's effective tax rate for the period ended March 31, 2018 was negatively impacted by certain provisions of the TCJA. The provisions of the TCJA are interrelated and the impact of any specific provision cannot be isolated. The Company operates at a pre-tax loss in the U.S. and the reduction in the federal tax rate reduces the tax benefit recorded. In addition, the inclusion of GILTI income and the limitation and the deductibility of interest expense increased the effective tax rate. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore did not provide any deferred taxes in the consolidated financial statements at December 31, 2017. Income tax expense for the fiscal quarter ended March 31, 2018, includes tax expense of $1,316 for the periodic remeasurement of the deferred tax liability recorded for the foreign taxes associated with the cash repatriation program described above, primarily due to the foreign currency effects. Income tax expense for the fiscal quarter ended April 1, 2017 included a tax benefit of $968 for the periodic remeasurement of the deferred tax liability recorded for the cash repatriation program that was terminated as a result of the enactment of the TCJA. During the three fiscal months ended March 31, 2018, the liabilities for unrecognized tax benefits increased by $568 on a net basis, due to increases for tax positions taken in the current period, interest, and foreign currency effects. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 6 – Long-Term Debt Long-term debt consists of the following: March 31, 2018 December 31, 2017 Credit facility $ 184,000 $ 150,000 Convertible senior debentures, due 2040 111,157 110,412 Convertible senior debentures, due 2041 57,031 56,641 Convertible senior debentures, due 2042 62,853 62,518 Deferred financing costs (8,656 ) (9,101 ) 406,385 370,470 Less current portion - - $ 406,385 $ 370,470 Convertible Senior Debentures Vishay currently has three issuances of convertible senior debentures outstanding with generally congruent terms. The quarterly cash dividend program of the Company results in adjustments to the conversion rate and effective conversion price for each issuance of the Company's convertible senior debentures effective as of the ex-dividend date of each cash dividend. The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the March 29, 2018 dividend payment: Due 2040 Due 2041 Due 2042 Issuance date November 9, 2010 May 13, 2011 May 31, 2012 Maturity date November 15, 2040 May 15, 2041 June 1, 2042 Principal amount $ 275,000 $ 150,000 $ 150,000 Cash coupon rate (per annum) 2.25 % 2.25 % 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 8.00 % 8.375 % 7.50 % Conversion rate effective March 14, 2018 (per $1 principal amount) 77.4680 56.5321 91.0838 Effective conversion price effective March 14, 2018 (per share) $ 12.91 $ 17.69 $ 10.98 130% of the conversion price (per share) $ 16.78 $ 23.00 $ 14.27 Call date November 20, 2020 May 20, 2021 June 7, 2022 Prior to three months before the maturity date, the holders may only convert their debentures under the following circumstances: (1) during any fiscal quarter after the first full quarter subsequent to issuance, if the sale price of Vishay common stock reaches 130% of the conversion price for a specified period; (2) the trading price of the debentures falls below 98% of the product of the sale price of Vishay's common stock and the conversion rate for a specified period; (3) Vishay calls any or all of the debentures for redemption, at any time prior to the close of business on the third scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the March 31, 2018 evaluation, due to the sale price of Vishay's common stock exceeding 130% of the conversion price for the applicable periods. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the March 31, 2018 evaluation, due to the sale price of Vishay's common stock exceeding 130% of the conversion price for the applicable periods. The debentures due 2040 and due 2042 will remain convertible until June 30, 2018, at which time the conversion criteria will be reevaluated. At the direction of its Board of Directors, the Company intends, upon future conversion of any of the convertible senior debentures, to repay the principal amounts of the convertible senior debentures in cash and settle any additional amounts in shares of Vishay common stock. The excess of the amount that the Company would pay to the holders of the debentures due 2040 and due 2042 upon conversion over the carrying value of the liability component of the debentures currently convertible has been reclassified as temporary equity on the consolidated condensed financial statements. The Company intends to finance the principal amount of any converted debentures using borrowings under its credit facility. Accordingly, the debt component of the convertible debentures due 2040 and due 2042 continues to be classified as a non-current liability on the consolidated condensed balance sheets. GAAP requires an issuer to separately account for the liability and equity components of the instrument in a manner that reflects the issuer's nonconvertible debt borrowing rate when interest costs are recognized in subsequent periods. The resulting discount on the debt is amortized as non-cash interest expense in future periods. The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows: Principal amount of the debentures Unamortized discount Embedded derivative Carrying value of liability component Equity component (including temporary equity) - net carrying value March 31, 2018 Due 2040 $ 275,000 (164,143 ) 300 $ 111,157 $ 110,094 Due 2041 $ 150,000 (93,239 ) 270 $ 57,031 $ 62,246 Due 2042 $ 150,000 (87,276 ) 129 $ 62,853 $ 57,874 Total $ 575,000 $ (344,658 ) $ 699 $ 231,041 $ 230,214 December 31, 2017 Due 2040 $ 275,000 (164,794 ) 206 $ 110,412 $ 110,094 Due 2041 $ 150,000 (93,573 ) 214 $ 56,641 $ 62,246 Due 2042 $ 150,000 (87,600 ) 118 $ 62,518 $ 57,874 Total $ 575,000 $ (345,967 ) $ 538 $ 229,571 $ 230,214 Interest is payable on the debentures semi-annually at the cash coupon rate; however, the remaining debt discount is being amortized as additional non-cash interest expense using an effective annual interest rate equal to the Company's estimated nonconvertible debt borrowing rate at the time of issuance. In addition to ordinary interest, contingent interest will accrue in certain circumstances relating to the trading price of the debentures and under certain other circumstances beginning ten years subsequent to issuance. Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended: Contractual coupon interest Non-cash amortization of debt discount Non-cash amortization of deferred financing costs Non-cash change in value of derivative liability Total interest expense related to the debentures March 31, 2018 Due 2040 $ 1,547 651 22 94 $ 2,314 Due 2041 $ 844 334 12 56 $ 1,246 Due 2042 $ 844 324 13 11 $ 1,192 Total $ 3,235 $ 1,309 $ 47 $ 161 $ 4,752 April 1, 2017 Due 2040 $ 1,547 602 22 (25 ) $ 2,146 Due 2041 $ 844 308 12 2 $ 1,166 Due 2042 $ 844 301 13 (4 ) $ 1,154 Total $ 3,235 $ 1,211 $ 47 $ (27 ) $ 4,466 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 7 – Accumulated Other Comprehensive Income (Loss) The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post-retirement actuarial items Currency translation adjustment Unrealized gain (loss) on available-for-sale securities Total Balance at January 1, 2018 $ (69,041 ) $ 92,954 $ 1,801 $ 25,714 Cumulative effect of accounting for adoption of ASU 2016-01 - - (1,801 ) $ (1,801 ) Other comprehensive income before reclassifications - 27,024 - $ 27,024 Tax effect - - - $ - Other comprehensive income before reclassifications, net of tax - 27,024 - $ 27,024 Amounts reclassified out of AOCI 2,296 - - $ 2,296 Tax effect (689 ) - - $ (689 ) Amounts reclassified out of AOCI, net of tax 1,607 - - $ 1,607 Net other comprehensive income $ 1,607 $ 27,024 $ - $ 28,631 Balance at March 31, 2018 $ (67,434 ) $ 119,978 $ - $ 52,544 The Company recognized a cumulative-effect adjustment to retained earnings (accumulated deficit) of $1,801 for the cumulative change in fair value of available-for-sale equity investments previously recognized in other comprehensive income due to the adoption of ASU 2016-01. See Note 1 for further information. Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 8 for further information. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Note 8 – Pensions and Other Postretirement Benefits The Company maintains various retirement benefit plans. Defined Benefit Pension Plans The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2018 and 2017 for the Company's defined benefit pension plans: Fiscal quarter ended March 31, 2018 Fiscal quarter ended April 1, 2017 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 948 $ - $ 903 Interest cost 371 1,242 410 1,167 Expected return on plan assets - (488 ) - (506 ) Amortization of prior service cost 36 55 36 18 Amortization of losses 159 1,604 82 1,478 Curtailment and settlement losses - 462 - 322 Net periodic benefit cost $ 566 $ 3,823 $ 528 $ 3,382 Other Postretirement Benefits The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2018 and 2017 for the Company's other postretirement benefit plans: Fiscal quarter ended March 31, 2018 Fiscal quarter ended April 1, 2017 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 34 $ 75 $ 33 $ 64 Interest cost 68 30 77 24 Amortization of prior service (credit) (37 ) - (209 ) - Amortization of losses (gains) (10 ) 27 (23 ) 14 Net periodic benefit cost $ 55 $ 132 $ (122 ) $ 102 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 9 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors of the Company. The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The Company determines compensation cost for restricted stock units ("RSUs") and phantom stock units based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. The following table summarizes stock-based compensation expense recognized: Fiscal quarters ended March 31, 2018 April 1, 2017 Restricted stock units $ 2,269 $ 2,204 Phantom stock units 214 163 Total $ 2,483 $ 2,367 The Company recognizes compensation cost for RSUs that are expected to vest and records cumulative adjustments in the period that the expectation changes. The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at March 31, 2018 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 5,394 1.7 Phantom stock units - 0.0 Total $ 5,394 The Company currently expects all performance-based RSUs to vest and all of the associated unrecognized compensation cost for performance-based RSUs presented in the table above to be recognized. 2007 Stock Incentive Plan The Company's 2007 Stock Incentive Program (the "2007 Program"), as amended and restated, permits the grant of up to 6,500,000 shares of restricted stock, unrestricted stock, RSUs, stock options, and phantom stock units, to officers, employees, and non-employee directors of the Company. Such instruments are available for grant until May 20, 2024. Restricted Stock Units RSU activity under the 2007 Program as of March 31, 2018 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands) Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding: January 1, 2018 986 $ 13.34 Granted 252 18.90 Vested* (334 ) 13.67 Cancelled or forfeited - - Outstanding at March 31, 2018 904 $ 14.77 Expected to vest at March 31, 2018 904 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2019 213 - 213 January 1, 2020 167 - 167 January 1, 2021 141 - 141 Phantom Stock Units The 2007 Program authorizes the grant of phantom stock units to the extent provided for in the Company's employment agreements with certain executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual's termination of employment or any other future date specified in the applicable employment agreement. Phantom stock units participate in dividend distribution on the same basis as the Company's common stock and Class B common stock. Dividend equivalents are issued in the form of additional units of phantom stock. The phantom stock units are fully vested at all times. Phantom stock unit activity under the phantom stock plan as of March 31, 2018 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands) Number of units Grant-date Fair Value per Unit Outstanding: January 1, 2018 157 Granted 10 $ 21.35 Dividend equivalents issued 1 Outstanding at March 31, 2018 168 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Information [Abstract] | |
Segment Information | Note 10 – Segment Information Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality: ● Metal oxide semiconductor field-effect transistors ("MOSFETs") function as solid-state switches to control power. ● Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering. ● Optoelectronic components emit light, detect light, or do both. ● Resistors and inductors both impede electric current. Resistors are basic components used in all forms of electronic circuitry to adjust and regulate levels of voltage and current. Inductors use an internal magnetic field to change alternating current phase and resist alternating current. ● Capacitors store energy and discharge it when needed. Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues is from royalties. The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments. The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors & Inductors Capacitors Total Fiscal quarter ended March 31, 2018: Product Sales $ 127,494 $ 167,017 $ 71,958 $ 244,019 $ 106,268 $ 716,756 Royalty Revenues 12 - - 27 - $ 39 Total Revenue $ 127,506 $ 167,017 $ 71,958 $ 244,046 $ 106,268 $ 716,795 Gross Profit $ 32,022 $ 43,200 $ 27,233 $ 78,530 $ 24,315 $ 205,300 Segment Operating Income $ 22,558 $ 37,931 $ 22,794 $ 70,002 $ 18,893 $ 172,178 Fiscal quarter ended April 1, 2017:* Product Sales $ 104,842 $ 144,585 $ 65,262 $ 200,246 $ 89,860 $ 604,795 Royalty Revenues - - - 6 - $ 6 Total Revenue $ 104,842 $ 144,585 $ 65,262 $ 200,252 $ 89,860 $ 604,801 Gross Profit $ 20,717 $ 38,162 $ 22,442 $ 61,215 $ 19,213 $ 161,749 Segment Operating Income $ 11,803 $ 33,442 $ 17,117 $ 53,958 $ 14,190 $ 130,510 *Recast for the retrospective adoption of ASUs 2014-09 and 2017-07. See Note 1. Fiscal quarters ended March 31, 2018 April 1, 2017*** Reconciliation: Segment Operating Income $ 172,178 $ 130,510 Restructuring and Severance Costs - (1,469 ) Unallocated Selling, General, and Administrative Expenses (68,116 ) (61,463 ) Consolidated Operating Income 104,062 $ 67,578 Unallocated Other Income (Expense) (12,043 ) (17,136 ) Consolidated Income Before Taxes $ 92,019 50,442 ***Recast for the adoption of ASU 2017-07. See Note 1. The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below: Fiscal quarters ended Years Ended December 31, March 31, 2018 April 1, 2017 2017 2016 Distributors $ 404,060 $ 345,703 $ 1,484,276 $ 1,280,060 OEMs 264,050 214,647 931,291 861,322 EMS companies 48,685 44,451 183,801 175,946 Total Revenue $ 716,795 $ 604,801 $ 2,599,368 $ 2,317,328 Net revenues were attributable to customers in the following regions: Fiscal quarters ended Years Ended December 31, March 31, 2018 April 1, 2017 2017 2016 Asia $ 285,478 $ 257,058 $ 1,091,107 $ 948,195 Europe 267,382 206,025 902,357 810,543 Americas 163,935 141,718 605,904 558,590 Total Revenue $ 716,795 $ 604,801 $ 2,599,368 $ 2,317,328 The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below: Fiscal quarters ended Years Ended December 31, March 31, 2018 April 1, 2017 2017 2016 Industrial $ 280,212 $ 216,766 $ 934,631 $ 796,031 Automotive 208,394 175,343 727,220 640,767 Telecommunications 45,924 45,835 190,682 193,456 Computing 47,431 41,070 198,850 172,481 Consumer Products 37,259 29,607 145,243 150,741 Power Supplies 34,243 34,858 160,038 132,555 Military and Aerospace 35,214 33,176 132,898 128,523 Medical 28,118 28,146 109,806 102,774 Total revenue $ 716,795 $ 604,801 $ 2,599,368 $ 2,317,328 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Fiscal quarters ended March 31, 2018 April 1, 2017 Numerator: Net earnings attributable to Vishay stockholders $ 62,366 $ 36,719 Denominator: Denominator for basic earnings per share: Weighted average shares 144,160 146,120 Outstanding phantom stock units 167 154 Adjusted weighted average shares - basic 144,327 146,274 Effect of dilutive securities: Convertible and exchangeable debt instruments 14,610 8,349 Restricted stock units 565 253 Dilutive potential common shares 15,175 8,602 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 159,502 154,876 Basic earnings per share attributable to Vishay stockholders $ 0.43 $ 0.25 Diluted earnings per share attributable to Vishay stockholders $ 0.39 $ 0.24 Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) Fiscal quarters ended March 31, 2018 April 1, 2017 Convertible and exchangeable notes: Convertible Senior Debentures, due 2041 - 8,340 Weighted average other 307 581 In periods in which they are dilutive, if the potential common shares related to the exchangeable notes are included in the computation, the related interest savings, net of tax, assuming conversion/exchange is added to the net earnings used to compute earnings per share. The Company's convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the March 31, 2018 evaluation. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the March 31, 2018 evaluation. At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of the convertible senior debentures, due 2040, due 2041, and due 2042, in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the debentures are included in the diluted earnings per share computation using the "treasury stock method" (similar to options and warrants) rather than the "if converted method" otherwise required for convertible debt. Under the "treasury stock method," Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $12.91, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $17.69, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $10.98, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 12 – Fair Value Measurements The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Company's own assumptions. An asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 March 31, 2018 Assets: Assets held in rabbi trusts $ 43,756 $ 27,199 $ 16,557 $ - Available for sale securities $ 4,702 4,702 - - $ 48,458 $ 31,901 $ 16,557 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (300 ) $ - $ - $ (300 ) Embedded derivative - convertible debentures due 2041 $ (270 ) - - (270 ) Embedded derivative - convertible debentures due 2042 $ (129 ) - - (129 ) $ (699 ) $ - $ - $ (699 ) December 31, 2017 Assets: Assets held in rabbi trusts $ 45,252 $ 28,589 16,663 $ - Available for sale securities $ 4,621 4,621 - - $ 49,873 $ 33,210 $ 16,663 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (206 ) $ - $ - $ (206 ) Embedded derivative - convertible debentures due 2041 $ (214 ) - - (214 ) Embedded derivative - convertible debentures due 2042 $ (118 ) - - (118 ) $ (538 ) $ - $ - $ (538 ) The Company maintains non-qualified trusts, referred to as "rabbi" trusts, to fund payments under deferred compensation and non-qualified pension plans. Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale and company-owned life insurance assets. The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period. The company-owned life insurance assets are valued in consultation with the Company's insurance brokers using the value of underlying assets of the insurance contracts. The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy. The Company holds investments in equity securities that are intended to fund a portion of its pension and other postretirement benefit obligations outside of the United States. The investments are valued based on quoted market prices on the last business day of the period. The fair value measurement of the investments is considered a Level 1 measurement within the fair value hierarchy. The convertible senior debentures, due 2040, due 2041, and due 2042, issued by the Company on November 9, 2010, May 13, 2011, and May 31, 2012, respectively, contain embedded derivative features that GAAP requires to be bifurcated and remeasured each reporting period. Each quarter, the change in the fair value of the embedded derivative features, if any, is recorded in the consolidated condensed statements of operations. The Company uses a derivative valuation model to derive the value of the embedded derivative features. Key inputs into this valuation model are the Company's current stock price, risk-free interest rates, the stock dividend yield, the stock volatility, and the debentures' credit spread over LIBOR. The first three aforementioned inputs are based on observable market data and are considered Level 2 inputs while the last two aforementioned inputs are unobservable and thus require management's judgment and are considered Level 3 inputs. The fair value measurement is considered a Level 3 measurement within the fair value hierarchy. The Company enters into forward contracts with highly-rated financial institutions to mitigate the foreign currency risk associated with intercompany loans denominated in a currency other than the legal entity's functional currency. The notional amount of the forward contracts was $100,000 and $100,000 as of March 31, 2018 and December 31, 2017, respectively. The forward contracts are short-term in nature and are expected to be renewed at the Company's discretion until the intercompany loans are repaid. We have not designated the forward contracts as hedges for accounting purposes, and as such the change in the fair value of the contracts is recognized in the consolidated condensed statements of operations as a component of other income (expense). The Company estimates the fair value of the forward contracts based on applicable and commonly used pricing models using current market information and is considered a Level 2 measurement within the fair value hierarchy. The value of the forward contracts was immaterial as of March 31, 2018. The Company does not utilize derivatives or other financial instruments for trading or other speculative purposes. The fair value of the long-term debt, excluding the derivative liabilities and deferred financing costs, at March 31, 2018 and December 31, 2017 is approximately $1,015,400 and $1,071,200, respectively, compared to its carrying value, excluding the derivative liabilities and deferred financing costs, of $414,342 and $379,033, respectively. The Company estimates the fair value of its long-term debt using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered Level 2 inputs. At March 31, 2018 and December 31, 2017, the Company's short-term investments were comprised of time deposits with financial institutions that have maturities that exceed 90 days from the date of acquisition; however they all mature within one year from the respective balance sheet dates. The Company's short-term investments are accounted for as held-to-maturity debt instruments, at amortized cost, which approximates their fair value. The investments are funded with excess cash not expected to be needed for operations prior to maturity; therefore, the Company believes it has the intent and ability to hold the short-term investments until maturity. At each reporting date, the Company performs an evaluation to determine if any unrealized losses are other-than-temporary. No other-than-temporary impairments have been recognized on these securities, and there are no unrecognized holding gains or losses for these securities during the periods presented. There have been no transfers to or from the held-to-maturity classification. All decreases in the account balance are due to returns of principal at the securities' maturity dates. Interest on the securities is recognized as interest income when earned. At March 31, 2018 and December 31, 2017, the Company's cash and cash equivalents were comprised of demand deposits, time deposits with maturities of three months or less when purchased, and money market funds. The Company estimates the fair value of its cash, cash equivalents, and short-term investments using level 2 inputs. Based on the current interest rates for similar investments with comparable credit risk and time to maturity, the fair value of the Company's cash, cash equivalents, and held-to-maturity short-term investments approximate the carrying amounts reported in the consolidated condensed balance sheets. The Company's financial instruments also include accounts receivable, short-term notes payable, and accounts payable. The carrying amounts for these financial instruments reported in the consolidated condensed balance sheets approximate their fair values. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements [Abstract] | |
Fiscal Period, Policy | The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2018 end on March 31, 2018, June 30, 2018, September 29, 2018, and December 31, 2018, respectively. The four fiscal quarters in 2017 ended on April 1, 2017, July 1, 2017, September 30, 2017, and December 31, 2017, respectively. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Guidance In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Adopted Accounting Guidance In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
Income Taxes (Policies)
Income Taxes (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes [Abstract] | |
Effective Income tax Rate Description | The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended March 31, 2018 and April 1, 2017 reflect the Company's expected tax rate on reported income from continuing operations before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company's earnings and the applicable tax rates in the various jurisdictions where the Company operates. |
Stock-Based Compensation (Polic
Stock-Based Compensation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The Company determines compensation cost for restricted stock units ("RSUs") and phantom stock units based on the grant-date fair value of the underlying common stock adjusted for expected dividends paid over the required vesting period for non-participating awards. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. |
Segment Information (Policies)
Segment Information (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Information [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Vishay is a global manufacturer and supplier of electronic components. Vishay operates, and its chief operating decision maker makes strategic and operating decisions with regards to assessing performance and allocating resources based on, five reporting segments: MOSFETs, Diodes, Optoelectronic Components, Resistors & Inductors, and Capacitors. These segments represent groupings of product lines based on their functionality: ● Metal oxide semiconductor field-effect transistors ("MOSFETs") function as solid-state switches to control power. ● Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering. ● Optoelectronic components emit light, detect light, or do both. ● Resistors and inductors both impede electric current. Resistors are basic components used in all forms of electronic circuitry to adjust and regulate levels of voltage and current. Inductors use an internal magnetic field to change alternating current phase and resist alternating current. ● Capacitors store energy and discharge it when needed. Vishay's reporting segments generate substantially all of their revenue from product sales to the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. A small portion of revenues is from royalties. The Company evaluates business segment performance on operating income, exclusive of certain items ("segment operating income"). Only dedicated, direct selling, general, and administrative expenses of the segments are included in the calculation of segment operating income. The Company's calculation of segment operating income excludes such selling, general, and administrative costs as global operations, sales and marketing, information systems, finance and administration groups, as well as restructuring and severance costs, goodwill and long-lived asset impairment charges, and other items. Management believes that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic operating results of the Company. These items represent reconciling items between segment operating income and consolidated operating income. Business segment assets are the owned or allocated assets used by each business. The Company also regularly evaluates gross profit by segment to assist in the analysis of consolidated gross profit. The Company considers segment operating income to be the more important metric because it more fully captures the business operations of the segments. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Discussion on convertible debt included in computation of earnings per share diluted | The Company's convertible debt instruments are only convertible for specified periods upon the occurrence of certain events. The convertible debentures due 2042 became convertible subsequent to the December 31, 2016 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the March 31, 2018 evaluation. The convertible debentures due 2040 became convertible subsequent to the September 30, 2017 evaluation of the conversion criteria, and have remained convertible for each subsequent quarterly evaluation through the March 31, 2018 evaluation. At the direction of its Board of Directors, the Company intends, upon conversion, to repay the principal amounts of the convertible senior debentures, due 2040, due 2041, and due 2042, in cash and settle any additional amounts in shares of Vishay common stock. Accordingly, the debentures are included in the diluted earnings per share computation using the "treasury stock method" (similar to options and warrants) rather than the "if converted method" otherwise required for convertible debt. Under the "treasury stock method," Vishay calculates the number of shares issuable under the terms of the debentures based on the average market price of Vishay common stock during the period, and that number is included in the total diluted shares figure for the period. If the average market price is less than $12.91, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2040, if the average market price is less than $17.69, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2041, and if the average market price is less than $10.98, no shares are included in the diluted earnings per share computation for the convertible senior debentures due 2042. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments, Policy | The fair value measurement accounting guidance establishes a valuation hierarchy of the inputs used to measure fair value. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs that reflect the Company's own assumptions. An asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. There have been no changes in the classification of any financial instruments within the fair value hierarchy in the periods presented. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements [Abstract] | |
Schedule of Retrospective Adoption of New Accounting Pronouncements [Table Text Block] | The retrospective adoption of ASUs 2014-09 and 2017-07 did not impact net earnings (loss) attributed to Vishay stockholders. See the combined impact of the retrospective adoption in the tables below: Fiscal quarters ended April 1, 2017 July 1, 2017 September 30, 2017 December 31, 2017 As Reported Adjustments Recast As Reported Adjustments Recast As Reported Adjustments Recast As Reported Adjustments Recast Net revenues $ 606,258 $ (1,457 ) $ 604,801 $ 644,892 $ (1,728 ) $ 643,164 $ 677,883 $ 58 $ 677,941 $ 674,489 $ (1,027 ) $ 673,462 Costs of products sold 445,383 (2,331 ) 443,052 471,929 (2,602 ) 469,327 488,610 (816 ) 487,794 497,988 (1,902 ) 496,086 Gross profit 160,875 874 161,749 172,963 874 173,837 189,273 874 190,147 176,501 875 177,376 Operating income 64,688 2,890 67,578 82,036 2,969 85,005 92,328 3,088 95,416 72,536 3,470 76,006 Total other income (expense) (14,246 ) (2,890 ) (17,136 ) (6,327 ) (2,969 ) (9,296 ) (6,140 ) (3,088 ) (9,228 ) (5,511 ) (3,470 ) (8,981 ) Income before taxes 50,442 - 50,442 75,709 - 75,709 86,188 - 86,188 67,025 - 67,025 Income tax expense 13,493 - 13,493 19,300 - 19,300 21,605 - 21,605 244,526 - 244,526 Net earnings (loss) 36,949 - 36,949 56,409 - 56,409 64,583 - 64,583 (177,501 ) - (177,501 ) Less: net earnings attributable to noncontrolling interests 230 - 230 219 - 219 179 - 179 156 - 156 Net earnings (loss) attributable to Vishay stockholders $ 36,719 $ - $ 36,719 $ 56,190 $ - $ 56,190 $ 64,404 $ - $ 64,404 $ (177,657 ) $ - $ (177,657 ) Years ended December 31, 2016 December 31, 2017 As Reported Adjustments Recast As Reported Adjustments Recast Net revenues $ 2,323,431 $ (6,103 ) $ 2,317,328 $ 2,603,522 $ (4,154 ) $ 2,599,368 Costs of products sold 1,753,648 (10,142 ) 1,743,506 1,903,910 (7,651 ) 1,896,259 Gross profit 569,783 4,039 573,822 699,612 3,497 703,109 Operating income 101,717 95,341 197,058 311,588 12,417 324,005 Total other income (expense) (7,501 ) (95,341 ) (102,842 ) (32,224 ) (12,417 ) (44,641 ) Income before taxes 94,216 - 94,216 279,364 - 279,364 Income tax expense 44,843 - 44,843 298,924 - 298,924 Net earnings (loss) 49,373 - 49,373 (19,560 ) - (19,560 ) Less: net earnings attributable to noncontrolling interests 581 - 581 784 - 784 Net earnings (loss) attributable to Vishay stockholders $ 48,792 $ - $ 48,792 $ (20,344 ) $ - $ (20,344 ) |
Revenue Recognition Policies (T
Revenue Recognition Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition Policies | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Distributor sales accrual activity is shown below: Fiscal quarters ended Years Ended December 31, March 31, 2018 April 1, 2017 2017 2016 Beginning balance $ 36,680 $ 34,479 $ 34,479 $ 32,487 Sales allowances 24,188 21,520 89,009 86,896 Credits issued (28,450 ) (23,471 ) (87,403 ) (85,341 ) Foreign currency 288 (576 ) 595 437 Ending balance $ 32,706 $ 31,952 $ 36,680 $ 34,479 |
Restructuring and Related Act28
Restructuring and Related Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Expenses | The following table summarizes restructuring and related expenses which were recognized and reported on a separate line in the accompanying consolidated condensed statements of operations: Fiscal quarter ended April 1, 2017 MOSFETs Enhanced Competitiveness Program $ 420 Global Cost Reduction Programs 1,049 Total $ 1,469 |
MOSFETs Enhanced Competitiveness Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity to date related to this program: Expense recorded in 2013 $ 2,328 Cash paid (267 ) Balance at December 31, 2013 $ 2,061 Expense recorded in 2014 6,025 Cash paid (856 ) Balance at December 31, 2014 $ 7,230 Expense recorded in 2015 5,367 Cash paid (426 ) Foreign currency translation 1 Balance at December 31, 2015 $ 12,172 Expense recorded in 2016 9,744 Cash paid (15,686 ) Foreign currency translation 2 Balance at December 31, 2016 $ 6,232 Expense recorded in 2017 3,204 Cash paid (7,173 ) Balance at December 31, 2017 $ 2,263 Cash paid (283 ) Balance at March 31, 2018 $ 1,980 |
Global Cost Reduction Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity to date related to this program: Expense recorded in 2015 $ 13,753 Cash paid (986 ) Foreign currency translation (150 ) Balance at December 31, 2015 $ 12,617 Expense recorded in 2016 9,918 Cash paid (16,237 ) Foreign currency translation (34 ) Balance at December 31, 2016 $ 6,264 Expense recorded in 2017 8,069 Cash paid (7,168 ) Foreign currency translation 500 Balance at December 31, 2017 $ 7,665 Cash paid (1,027 ) Foreign currency translation 148 Balance at March 31, 2018 $ 6,786 |
Restructuring expenses by segment [Table Text Block] | The following table summarizes the expense recognized by segment related to this program: Fiscal quarter ended April 1, 2017 Resistors & Inductors $ 851 Capacitors 161 Unallocated Selling, General, and Administrative Expenses 37 Total $ 1,049 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Long-Term Debt [Abstract] | |
Schedule of long-term debt instruments | March 31, 2018 December 31, 2017 Credit facility $ 184,000 $ 150,000 Convertible senior debentures, due 2040 111,157 110,412 Convertible senior debentures, due 2041 57,031 56,641 Convertible senior debentures, due 2042 62,853 62,518 Deferred financing costs (8,656 ) (9,101 ) 406,385 370,470 Less current portion - - $ 406,385 $ 370,470 |
Key terms of the convertible debentures | The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the March 29, 2018 dividend payment: Due 2040 Due 2041 Due 2042 Issuance date November 9, 2010 May 13, 2011 May 31, 2012 Maturity date November 15, 2040 May 15, 2041 June 1, 2042 Principal amount $ 275,000 $ 150,000 $ 150,000 Cash coupon rate (per annum) 2.25 % 2.25 % 2.25 % Nonconvertible debt borrowing rate at issuance (per annum) 8.00 % 8.375 % 7.50 % Conversion rate effective March 14, 2018 (per $1 principal amount) 77.4680 56.5321 91.0838 Effective conversion price effective March 14, 2018 (per share) $ 12.91 $ 17.69 $ 10.98 130% of the conversion price (per share) $ 16.78 $ 23.00 $ 14.27 Call date November 20, 2020 May 20, 2021 June 7, 2022 |
Liability and equity of component of convertible senior debentures | The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows: Principal amount of the debentures Unamortized discount Embedded derivative Carrying value of liability component Equity component (including temporary equity) - net carrying value March 31, 2018 Due 2040 $ 275,000 (164,143 ) 300 $ 111,157 $ 110,094 Due 2041 $ 150,000 (93,239 ) 270 $ 57,031 $ 62,246 Due 2042 $ 150,000 (87,276 ) 129 $ 62,853 $ 57,874 Total $ 575,000 $ (344,658 ) $ 699 $ 231,041 $ 230,214 December 31, 2017 Due 2040 $ 275,000 (164,794 ) 206 $ 110,412 $ 110,094 Due 2041 $ 150,000 (93,573 ) 214 $ 56,641 $ 62,246 Due 2042 $ 150,000 (87,600 ) 118 $ 62,518 $ 57,874 Total $ 575,000 $ (345,967 ) $ 538 $ 229,571 $ 230,214 |
Convertible debentures, interest expense | Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended: Contractual coupon interest Non-cash amortization of debt discount Non-cash amortization of deferred financing costs Non-cash change in value of derivative liability Total interest expense related to the debentures March 31, 2018 Due 2040 $ 1,547 651 22 94 $ 2,314 Due 2041 $ 844 334 12 56 $ 1,246 Due 2042 $ 844 324 13 11 $ 1,192 Total $ 3,235 $ 1,309 $ 47 $ 161 $ 4,752 April 1, 2017 Due 2040 $ 1,547 602 22 (25 ) $ 2,146 Due 2041 $ 844 308 12 2 $ 1,166 Due 2042 $ 844 301 13 (4 ) $ 1,154 Total $ 3,235 $ 1,211 $ 47 $ (27 ) $ 4,466 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Summary of components of other comprehensive income | The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows: Pension and other post-retirement actuarial items Currency translation adjustment Unrealized gain (loss) on available-for-sale securities Total Balance at January 1, 2018 $ (69,041 ) $ 92,954 $ 1,801 $ 25,714 Cumulative effect of accounting for adoption of ASU 2016-01 - - (1,801 ) $ (1,801 ) Other comprehensive income before reclassifications - 27,024 - $ 27,024 Tax effect - - - $ - Other comprehensive income before reclassifications, net of tax - 27,024 - $ 27,024 Amounts reclassified out of AOCI 2,296 - - $ 2,296 Tax effect (689 ) - - $ (689 ) Amounts reclassified out of AOCI, net of tax 1,607 - - $ 1,607 Net other comprehensive income $ 1,607 $ 27,024 $ - $ 28,631 Balance at March 31, 2018 $ (67,434 ) $ 119,978 $ - $ 52,544 |
Pensions and Other Postretire31
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net periodic benefit cost for pension and other postretirement benefit plans | The following table shows the components of the net periodic pension cost for the first fiscal quarters of 2018 and 2017 for the Company's defined benefit pension plans: Fiscal quarter ended March 31, 2018 Fiscal quarter ended April 1, 2017 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Net service cost $ - $ 948 $ - $ 903 Interest cost 371 1,242 410 1,167 Expected return on plan assets - (488 ) - (506 ) Amortization of prior service cost 36 55 36 18 Amortization of losses 159 1,604 82 1,478 Curtailment and settlement losses - 462 - 322 Net periodic benefit cost $ 566 $ 3,823 $ 528 $ 3,382 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net periodic benefit cost for pension and other postretirement benefit plans | The following table shows the components of the net periodic benefit cost for the first fiscal quarters of 2018 and 2017 for the Company's other postretirement benefit plans: Fiscal quarter ended March 31, 2018 Fiscal quarter ended April 1, 2017 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Service cost $ 34 $ 75 $ 33 $ 64 Interest cost 68 30 77 24 Amortization of prior service (credit) (37 ) - (209 ) - Amortization of losses (gains) (10 ) 27 (23 ) 14 Net periodic benefit cost $ 55 $ 132 $ (122 ) $ 102 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Summary of recognized stock-based compensation expense | The following table summarizes stock-based compensation expense recognized: Fiscal quarters ended March 31, 2018 April 1, 2017 Restricted stock units $ 2,269 $ 2,204 Phantom stock units 214 163 Total $ 2,483 $ 2,367 |
Schedule of unrecognized compensation cost, nonvested awards | The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at March 31, 2018 (amortization periods in years) Unrecognized Compensation Cost Weighted Average Remaining Amortization Periods Restricted stock units $ 5,394 1.7 Phantom stock units - 0.0 Total $ 5,394 |
Schedule of share-based compensation, restricted stock units award activity | RSU activity under the 2007 Program as of March 31, 2018 and changes during the three fiscal months then ended are presented below (number of RSUs in thousands) Number of RSUs Weighted Average Grant-date Fair Value per Unit Outstanding: January 1, 2018 986 $ 13.34 Granted 252 18.90 Vested* (334 ) 13.67 Cancelled or forfeited - - Outstanding at March 31, 2018 904 $ 14.77 Expected to vest at March 31, 2018 904 * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Schedule of share-based compensation arrangement by share-based units, vested and expected to vest | The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance criteria between the established target and maximum levels. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands) Vesting Date Expected to Vest Not Expected to Vest Total January 1, 2019 213 - 213 January 1, 2020 167 - 167 January 1, 2021 141 - 141 |
Schedule of share-based compensation, phantom stock units, Activity | Phantom stock unit activity under the phantom stock plan as of March 31, 2018 and changes during the three fiscal months then ended are presented below (number of phantom stock units in thousands) Number of units Grant-date Fair Value per Unit Outstanding: January 1, 2018 157 Granted 10 $ 21.35 Dividend equivalents issued 1 Outstanding at March 31, 2018 168 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth business segment information: MOSFETs Diodes Optoelectronic Components Resistors & Inductors Capacitors Total Fiscal quarter ended March 31, 2018: Product Sales $ 127,494 $ 167,017 $ 71,958 $ 244,019 $ 106,268 $ 716,756 Royalty Revenues 12 - - 27 - $ 39 Total Revenue $ 127,506 $ 167,017 $ 71,958 $ 244,046 $ 106,268 $ 716,795 Gross Profit $ 32,022 $ 43,200 $ 27,233 $ 78,530 $ 24,315 $ 205,300 Segment Operating Income $ 22,558 $ 37,931 $ 22,794 $ 70,002 $ 18,893 $ 172,178 Fiscal quarter ended April 1, 2017:* Product Sales $ 104,842 $ 144,585 $ 65,262 $ 200,246 $ 89,860 $ 604,795 Royalty Revenues - - - 6 - $ 6 Total Revenue $ 104,842 $ 144,585 $ 65,262 $ 200,252 $ 89,860 $ 604,801 Gross Profit $ 20,717 $ 38,162 $ 22,442 $ 61,215 $ 19,213 $ 161,749 Segment Operating Income $ 11,803 $ 33,442 $ 17,117 $ 53,958 $ 14,190 $ 130,510 *Recast for the retrospective adoption of ASUs 2014-09 and 2017-07. See Note 1. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Fiscal quarters ended March 31, 2018 April 1, 2017*** Reconciliation: Segment Operating Income $ 172,178 $ 130,510 Restructuring and Severance Costs - (1,469 ) Unallocated Selling, General, and Administrative Expenses (68,116 ) (61,463 ) Consolidated Operating Income 104,062 $ 67,578 Unallocated Other Income (Expense) (12,043 ) (17,136 ) Consolidated Income Before Taxes $ 92,019 50,442 ***Recast for the adoption of ASU 2017-07. See Note 1. |
Disaggregation of Revenue [Table Text Block] | The Company has a broad line of products that it sells to OEMs, EMS companies, and independent distributors. The distribution of sales by customer type is shown below: Fiscal quarters ended Years Ended December 31, March 31, 2018 April 1, 2017 2017 2016 Distributors $ 404,060 $ 345,703 $ 1,484,276 $ 1,280,060 OEMs 264,050 214,647 931,291 861,322 EMS companies 48,685 44,451 183,801 175,946 Total Revenue $ 716,795 $ 604,801 $ 2,599,368 $ 2,317,328 Net revenues were attributable to customers in the following regions: Fiscal quarters ended Years Ended December 31, March 31, 2018 April 1, 2017 2017 2016 Asia $ 285,478 $ 257,058 $ 1,091,107 $ 948,195 Europe 267,382 206,025 902,357 810,543 Americas 163,935 141,718 605,904 558,590 Total Revenue $ 716,795 $ 604,801 $ 2,599,368 $ 2,317,328 The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below: Fiscal quarters ended Years Ended December 31, March 31, 2018 April 1, 2017 2017 2016 Industrial $ 280,212 $ 216,766 $ 934,631 $ 796,031 Automotive 208,394 175,343 727,220 640,767 Telecommunications 45,924 45,835 190,682 193,456 Computing 47,431 41,070 198,850 172,481 Consumer Products 37,259 29,607 145,243 150,741 Power Supplies 34,243 34,858 160,038 132,555 Military and Aerospace 35,214 33,176 132,898 128,523 Medical 28,118 28,146 109,806 102,774 Total revenue $ 716,795 $ 604,801 $ 2,599,368 $ 2,317,328 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share attributable to Vishay stockholders (shares in thousands) Fiscal quarters ended March 31, 2018 April 1, 2017 Numerator: Net earnings attributable to Vishay stockholders $ 62,366 $ 36,719 Denominator: Denominator for basic earnings per share: Weighted average shares 144,160 146,120 Outstanding phantom stock units 167 154 Adjusted weighted average shares - basic 144,327 146,274 Effect of dilutive securities: Convertible and exchangeable debt instruments 14,610 8,349 Restricted stock units 565 253 Dilutive potential common shares 15,175 8,602 Denominator for diluted earnings per share: Adjusted weighted average shares - diluted 159,502 154,876 Basic earnings per share attributable to Vishay stockholders $ 0.43 $ 0.25 Diluted earnings per share attributable to Vishay stockholders $ 0.39 $ 0.24 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Diluted earnings per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands) Fiscal quarters ended March 31, 2018 April 1, 2017 Convertible and exchangeable notes: Convertible Senior Debentures, due 2041 - 8,340 Weighted average other 307 581 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Schedule of fair Value, Assets and Liabilities Measured on Recurring basis | The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis: Total Fair Value Level 1 Level 2 Level 3 March 31, 2018 Assets: Assets held in rabbi trusts $ 43,756 $ 27,199 $ 16,557 $ - Available for sale securities $ 4,702 4,702 - - $ 48,458 $ 31,901 $ 16,557 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (300 ) $ - $ - $ (300 ) Embedded derivative - convertible debentures due 2041 $ (270 ) - - (270 ) Embedded derivative - convertible debentures due 2042 $ (129 ) - - (129 ) $ (699 ) $ - $ - $ (699 ) December 31, 2017 Assets: Assets held in rabbi trusts $ 45,252 $ 28,589 16,663 $ - Available for sale securities $ 4,621 4,621 - - $ 49,873 $ 33,210 $ 16,663 $ - Liabilities: Embedded derivative - convertible debentures due 2040 $ (206 ) $ - $ - $ (206 ) Embedded derivative - convertible debentures due 2041 $ (214 ) - - (214 ) Embedded derivative - convertible debentures due 2042 $ (118 ) - - (118 ) $ (538 ) $ - $ - $ (538 ) |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net revenues | $ 716,795 | $ 673,462 | $ 677,941 | $ 643,164 | $ 604,801 | $ 2,599,368 | $ 2,317,328 |
Costs of products sold | 511,495 | 496,086 | 487,794 | 469,327 | 443,052 | 1,896,259 | 1,743,506 |
Gross profit | 205,300 | 177,376 | 190,147 | 173,837 | 161,749 | 703,109 | 573,822 |
Operating Income | 104,062 | 76,006 | 95,416 | 85,005 | 67,578 | 324,005 | 197,058 |
Total other income (expense) | (12,043) | (8,981) | (9,228) | (9,296) | (17,136) | (44,641) | (102,842) |
Income before taxes | 92,019 | 67,025 | 86,188 | 75,709 | 50,442 | 279,364 | 94,216 |
Income tax expense | 29,474 | 244,526 | 21,605 | 19,300 | 13,493 | 298,924 | 44,843 |
Net earnings (loss) | 62,545 | (177,501) | 64,583 | 56,409 | 36,949 | (19,560) | 49,373 |
Less: net earnings attributable to noncontrolling interests | 179 | 156 | 179 | 219 | 230 | 784 | 581 |
Net earnings (loss) attributable to Vishay stockholders | $ 62,366 | (177,657) | 64,404 | 56,190 | 36,719 | (20,344) | 48,792 |
Previously Reported [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net revenues | 674,489 | 677,883 | 644,892 | 606,258 | 2,603,522 | 2,323,431 | |
Costs of products sold | 497,988 | 488,610 | 471,929 | 445,383 | 1,903,910 | 1,753,648 | |
Gross profit | 176,501 | 189,273 | 172,963 | 160,875 | 699,612 | 569,783 | |
Operating Income | 72,536 | 92,328 | 82,036 | 64,688 | 311,588 | 101,717 | |
Total other income (expense) | (5,511) | (6,140) | (6,327) | (14,246) | (32,224) | (7,501) | |
Income before taxes | 67,025 | 86,188 | 75,709 | 50,442 | 279,364 | 94,216 | |
Income tax expense | 244,526 | 21,605 | 19,300 | 13,493 | 298,924 | 44,843 | |
Net earnings (loss) | (177,501) | 64,583 | 56,409 | 36,949 | (19,560) | 49,373 | |
Less: net earnings attributable to noncontrolling interests | 156 | 179 | 219 | 230 | 784 | 581 | |
Net earnings (loss) attributable to Vishay stockholders | (177,657) | 64,404 | 56,190 | 36,719 | (20,344) | 48,792 | |
Restatement Adjustment [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net revenues | (1,027) | 58 | (1,728) | (1,457) | (4,154) | (6,103) | |
Costs of products sold | (1,902) | (816) | (2,602) | (2,331) | (7,651) | (10,142) | |
Gross profit | 875 | 874 | 874 | 874 | 3,497 | 4,039 | |
Operating Income | 3,470 | 3,088 | 2,969 | 2,890 | 12,417 | 95,341 | |
Total other income (expense) | (3,470) | (3,088) | (2,969) | (2,890) | (12,417) | (95,341) | |
Income before taxes | 0 | 0 | 0 | 0 | 0 | 0 | |
Income tax expense | 0 | 0 | 0 | 0 | 0 | 0 | |
Net earnings (loss) | 0 | 0 | 0 | 0 | 0 | 0 | |
Less: net earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | |
Net earnings (loss) attributable to Vishay stockholders | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |
U.S. pension settlement charges | $ (79,321) |
Revenue Recognition Policies (D
Revenue Recognition Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Distributor sales accruals [Line Items] | ||||
Distributor sales accrual, Beginning Balance | $ 36,680 | $ 34,479 | $ 34,479 | $ 32,487 |
Distributor sales accrual, sales allowance | 24,188 | 21,520 | 89,009 | 86,896 |
Distributor sales accrual, credits issued | (28,450) | (23,471) | (87,403) | (85,341) |
Distributor sales accrual, foreign currency | 288 | (576) | 595 | 437 |
Distributor sales accrual, Ending Balance | $ 32,706 | $ 31,952 | $ 36,680 | $ 34,479 |
Acquisition Activities (Details
Acquisition Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Acquisition of business, net of cash acquired | $ 12,072 | $ 0 |
UltraSource [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Purchase price of businesses | 13,372 | |
Finite-lived Intangible Assets Acquired | 6,500 | |
Goodwill related to acquisitions | $ 4,003 | |
Business Acquisition, Name of Acquired Entity | UltraSource, Inc. | |
Business Acquisition, Effective Date of Acquisition | Feb. 8, 2018 |
Restructuring and Related Act39
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and severance costs | $ 0 | $ 1,469 | |||||
MOSFETs Enhanced Competitiveness Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve, Current | 1,980 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and severance costs | 420 | $ 3,204 | $ 9,744 | $ 5,367 | $ 6,025 | $ 2,328 | |
Cash paid | (283) | (7,173) | (15,686) | (426) | (856) | (267) | |
Foreign currency translation | 2 | 1 | |||||
Balance at end of period | 1,980 | 2,263 | 6,232 | 12,172 | 7,230 | $ 2,061 | |
Balance at beginning of period | $ 2,263 | 6,232 | 6,232 | 12,172 | 7,230 | $ 2,061 | |
Term of restructuring program | 2 years | ||||||
Global Cost Reduction Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve, Current | $ 4,222 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and severance costs | 1,049 | 8,069 | 9,918 | 13,753 | |||
Cash paid | (1,027) | (7,168) | (16,237) | (986) | |||
Foreign currency translation | 148 | 500 | (34) | (150) | |||
Balance at end of period | 6,786 | 7,665 | 6,264 | $ 12,617 | |||
Balance at beginning of period | $ 7,665 | 6,264 | $ 6,264 | $ 12,617 | |||
Global Cost Reduction Program [Member] | Resistors And Inductors Segment [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and severance costs | 851 | ||||||
Global Cost Reduction Program [Member] | Capacitors Segment [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and severance costs | 161 | ||||||
Global Cost Reduction Program [Member] | Unallocated Amount to Segment [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring and severance costs | $ 37 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Increase in liabilities for unrecognized tax benefits | $ 568 | ||
TCJA income tax expense Abstract [Abstract] | |||
TCJA tax on unremitted foreign earnings | $ 215,558 | ||
TCJA foreign taxes on assumed repatriation | 213,000 | ||
Expected TCJA tax payment, net | 180,000 | ||
Additional expected repatriation | $ 1,100,000 | ||
Cash repatriated during the current period | 0 | ||
Remeasurement of repatriation deferred tax liability [Member] | |||
Effect on Income Tax Expense (Benefit) [Line Items] | |||
Deferred Other Tax Expense (Benefit) | $ 1,316 | $ (968) |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Credit facility | $ 184,000 | $ 150,000 | |
Deferred Financing Costs | (8,656) | (9,101) | |
Long-term debt | 406,385 | 370,470 | |
Less current portion | 0 | 0 | |
Long-term debt, less current portion | $ 406,385 | 370,470 | |
Debt Instruments [Abstract] | |||
Debt instrument percentage of conversion price (in hundredths) | 130.00% | ||
Debt instrument, Percentage of sale price of common stock (in hundredths) | 98.00% | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of the debentures | $ 575,000 | 575,000 | |
Unamortized discount | (344,658) | (345,967) | |
Embedded derivative | 699 | 538 | |
Carrying value of liability component | 231,041 | 229,571 | |
Equity component - net carrying value | 230,214 | 230,214 | |
Interest expense related to debentures [Abstract] | |||
Contractual coupon interest | 3,235 | $ 3,235 | |
Non-cash amortization of debt discount | 1,309 | 1,211 | |
Non-cash amortization of deferred financing costs | 47 | 47 | |
Non-cash change in value of derivative liability | 161 | (27) | |
Total interest expense related to the debentures | 4,752 | 4,466 | |
Convertible Senior Debentures, Due 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Debt, Noncurrent | $ 111,157 | 110,412 | |
Debt Instruments [Abstract] | |||
Issuance date | Nov. 9, 2010 | ||
Debt maturity date | Nov. 15, 2040 | ||
Stated rate of interest on debt (in hundredths) | 2.25% | ||
Effective rate of interest on convertible senior debentures (in hundredths) | 8.00% | ||
Debt conversion rate | 77.4680 | ||
Debt effective conversion price | $ 12.91 | ||
Debt Instrument, Convertible, Stock Price Trigger | $ 16.78 | ||
Convertible senior debentures call date | Nov. 20, 2020 | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of the debentures | $ 275,000 | 275,000 | |
Unamortized discount | (164,143) | (164,794) | |
Embedded derivative | 300 | 206 | |
Carrying value of liability component | 111,157 | 110,412 | |
Equity component - net carrying value | 110,094 | 110,094 | |
Interest expense related to debentures [Abstract] | |||
Contractual coupon interest | 1,547 | 1,547 | |
Non-cash amortization of debt discount | 651 | 602 | |
Non-cash amortization of deferred financing costs | 22 | 22 | |
Non-cash change in value of derivative liability | 94 | (25) | |
Total interest expense related to the debentures | 2,314 | 2,146 | |
Convertible Senior Debentures, Due 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Debt, Noncurrent | $ 57,031 | 56,641 | |
Debt Instruments [Abstract] | |||
Issuance date | May 13, 2011 | ||
Debt maturity date | May 15, 2041 | ||
Stated rate of interest on debt (in hundredths) | 2.25% | ||
Effective rate of interest on convertible senior debentures (in hundredths) | 8.375% | ||
Debt conversion rate | 56.5321 | ||
Debt effective conversion price | $ 17.69 | ||
Debt Instrument, Convertible, Stock Price Trigger | $ 23 | ||
Convertible senior debentures call date | May 20, 2021 | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of the debentures | $ 150,000 | 150,000 | |
Unamortized discount | (93,239) | (93,573) | |
Embedded derivative | 270 | 214 | |
Carrying value of liability component | 57,031 | 56,641 | |
Equity component - net carrying value | 62,246 | 62,246 | |
Interest expense related to debentures [Abstract] | |||
Contractual coupon interest | 844 | 844 | |
Non-cash amortization of debt discount | 334 | 308 | |
Non-cash amortization of deferred financing costs | 12 | 12 | |
Non-cash change in value of derivative liability | 56 | 2 | |
Total interest expense related to the debentures | 1,246 | 1,166 | |
Convertible Senior Debentures, Due 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Debt, Noncurrent | $ 62,853 | 62,518 | |
Debt Instruments [Abstract] | |||
Issuance date | May 31, 2012 | ||
Debt maturity date | Jun. 1, 2042 | ||
Stated rate of interest on debt (in hundredths) | 2.25% | ||
Effective rate of interest on convertible senior debentures (in hundredths) | 7.50% | ||
Debt conversion rate | 91.0838 | ||
Debt effective conversion price | $ 10.98 | ||
Debt Instrument, Convertible, Stock Price Trigger | $ 14.27 | ||
Convertible senior debentures call date | Jun. 7, 2022 | ||
Liability and equity components of convertible debentures [Abstract] | |||
Principal amount of the debentures | $ 150,000 | 150,000 | |
Unamortized discount | (87,276) | (87,600) | |
Embedded derivative | 129 | 118 | |
Carrying value of liability component | 62,853 | 62,518 | |
Equity component - net carrying value | 57,874 | $ 57,874 | |
Interest expense related to debentures [Abstract] | |||
Contractual coupon interest | 844 | 844 | |
Non-cash amortization of debt discount | 324 | 301 | |
Non-cash amortization of deferred financing costs | 13 | 13 | |
Non-cash change in value of derivative liability | 11 | (4) | |
Total interest expense related to the debentures | $ 1,192 | $ 1,154 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Line Items] | |||||
Beginning Balance | $ 25,714 | ||||
Cumulative effect of accounting change for adoption of ASU | $ 0 | $ 386 | $ 2,210 | ||
Other comprehensive income (loss) | 28,631 | $ 19,899 | 120,366 | 36,675 | |
Ending Balance | 52,544 | 25,714 | |||
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income [Line Items] | |||||
Beginning Balance | 1,801 | ||||
Cumulative effect of accounting change for adoption of ASU | (1,801) | ||||
Other comprehensive income before reclassifications | 0 | ||||
Tax effect | 0 | ||||
Other comprehensive income before reclassifications, net of tax | 0 | ||||
Amounts reclassified out of AOCI | 0 | ||||
Tax effect of reclassification | 0 | ||||
Amounts reclassified out of AOCI, net of tax | 0 | ||||
Other comprehensive income (loss) | 0 | ||||
Ending Balance | 0 | 1,801 | |||
Currency Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income [Line Items] | |||||
Beginning Balance | 92,954 | ||||
Cumulative effect of accounting change for adoption of ASU | 0 | ||||
Other comprehensive income before reclassifications | 27,024 | ||||
Tax effect | 0 | ||||
Other comprehensive income before reclassifications, net of tax | 27,024 | ||||
Amounts reclassified out of AOCI | 0 | ||||
Tax effect of reclassification | 0 | ||||
Amounts reclassified out of AOCI, net of tax | 0 | ||||
Other comprehensive income (loss) | 27,024 | ||||
Ending Balance | 119,978 | 92,954 | |||
Pension and Other Post-Retirement Actuarial Items [Member] | |||||
Accumulated Other Comprehensive Income [Line Items] | |||||
Beginning Balance | (69,041) | ||||
Cumulative effect of accounting change for adoption of ASU | 0 | ||||
Other comprehensive income before reclassifications | 0 | ||||
Tax effect | 0 | ||||
Other comprehensive income before reclassifications, net of tax | 0 | ||||
Amounts reclassified out of AOCI | 2,296 | ||||
Tax effect of reclassification | (689) | ||||
Amounts reclassified out of AOCI, net of tax | 1,607 | ||||
Other comprehensive income (loss) | 1,607 | ||||
Ending Balance | (67,434) | (69,041) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income [Line Items] | |||||
Beginning Balance | 25,714 | ||||
Cumulative effect of accounting change for adoption of ASU | (1,801) | 0 | $ 0 | ||
Other comprehensive income before reclassifications | 27,024 | ||||
Tax effect | 0 | ||||
Other comprehensive income before reclassifications, net of tax | 27,024 | ||||
Amounts reclassified out of AOCI | 2,296 | ||||
Tax effect of reclassification | (689) | ||||
Amounts reclassified out of AOCI, net of tax | 1,607 | ||||
Other comprehensive income (loss) | 28,631 | 120,366 | $ 36,675 | ||
Ending Balance | $ 52,544 | $ 25,714 |
Pensions and Other Postretire43
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Apr. 01, 2017 | |
Defined Benefit Pension Plan [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | $ 0 | $ 0 |
Interest cost | 371 | 410 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (credit) | 36 | 36 |
Amortization of losses (gains) | 159 | 82 |
Curtailments and settlements | 0 | 0 |
Net periodic benefit cost | 566 | 528 |
Defined Benefit Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | 948 | 903 |
Interest cost | 1,242 | 1,167 |
Expected return on plan assets | (488) | (506) |
Amortization of prior service cost (credit) | 55 | 18 |
Amortization of losses (gains) | 1,604 | 1,478 |
Curtailments and settlements | 462 | 322 |
Net periodic benefit cost | 3,823 | 3,382 |
Other Postretirement Benefits [Member] | Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | 34 | 33 |
Interest cost | 68 | 77 |
Amortization of prior service cost (credit) | (37) | (209) |
Amortization of losses (gains) | (10) | (23) |
Net periodic benefit cost | 55 | (122) |
Other Postretirement Benefits [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net service cost | 75 | 64 |
Interest cost | 30 | 24 |
Amortization of prior service cost (credit) | 0 | 0 |
Amortization of losses (gains) | 27 | 14 |
Net periodic benefit cost | $ 132 | $ 102 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Apr. 01, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 2,483 | $ 2,367 | |
Unrecognized Compensation Cost | $ 5,394 | ||
Expiration date of the 2007 stock incentive plan | May 20, 2024 | ||
Maximum number of shares granted under restricted stock, unrestricted stock, RSU's and stock options to officers, employees and employee directors (in shares) | 6,500,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 2,269 | 2,204 | |
Unrecognized Compensation Cost | $ 5,394 | ||
Weighted Average Remaining Amortization Periods | 1 year 8 months 12 days | ||
Equity Awards Other Than Options Outstanding: | |||
Balance (in shares) | 986,000 | ||
Balance (in dollars per share) | $ 13.34 | ||
Granted (in shares) | 252,000 | ||
Granted (in dollars per share) | $ 18.90 | ||
Vested (in shares) | [1] | (334,000) | |
Vested (in dollars per share) | [1] | $ 13.67 | |
Cancelled or forfeited (in shares) | 0 | ||
Cancelled or forfeited (in dollars per share) | $ 0 | ||
Balance (in shares) | 904,000 | ||
Balance (in dollars per share) | $ 14.77 | ||
Expected to vest (in shares) | 904,000 | ||
Phantom Share Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recognized | $ 214 | $ 163 | |
Unrecognized Compensation Cost | $ 0 | ||
Weighted Average Remaining Amortization Periods | 0 years | ||
Equity Awards Other Than Options Outstanding: | |||
Balance (in shares) | 157,000 | ||
Granted (in shares) | 10,000 | ||
Granted (in dollars per share) | $ 21.35 | ||
Dividend equivalents issued | 1,000 | ||
Balance (in shares) | 168,000 | ||
Scheduled to Vest January 1, 2019 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Equity Awards Other Than Options Outstanding: | |||
Balance (in shares) | 213,000 | ||
Expected to vest (in shares) | 213,000 | ||
Not expected to vest (in shares) | 0 | ||
Scheduled to Vest January 1, 2020 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Equity Awards Other Than Options Outstanding: | |||
Balance (in shares) | 167,000 | ||
Expected to vest (in shares) | 167,000 | ||
Not expected to vest (in shares) | 0 | ||
Scheduled to Vest January 1, 2021 [Member] | Performance Vested Restricted Stock Units [Member] | |||
Equity Awards Other Than Options Outstanding: | |||
Balance (in shares) | 141,000 | ||
Expected to vest (in shares) | 141,000 | ||
Not expected to vest (in shares) | 0 | ||
[1] | The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||
Number of reportable segments | Segment | 5 | ||||||
Product Sales | $ 716,756 | $ 604,795 | |||||
Royalty Revenues | 39 | 6 | |||||
Total Revenue | 716,795 | $ 673,462 | $ 677,941 | $ 643,164 | 604,801 | $ 2,599,368 | $ 2,317,328 |
Gross Margin | 205,300 | 177,376 | 190,147 | 173,837 | 161,749 | 703,109 | 573,822 |
Segment Operating Income | 172,178 | 130,510 | |||||
Restructuring and severance Costs | 0 | (1,469) | |||||
Operating income | 104,062 | 76,006 | 95,416 | 85,005 | 67,578 | 324,005 | 197,058 |
Unallocated Other Income (Expense) | (12,043) | (8,981) | (9,228) | (9,296) | (17,136) | (44,641) | (102,842) |
Income before taxes | 92,019 | $ 67,025 | $ 86,188 | $ 75,709 | 50,442 | 279,364 | 94,216 |
Distributors [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 404,060 | 345,703 | 1,484,276 | 1,280,060 | |||
OEMs [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 264,050 | 214,647 | 931,291 | 861,322 | |||
EMS companies [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 48,685 | 44,451 | 183,801 | 175,946 | |||
Industrial [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 280,212 | 216,766 | 934,631 | 796,031 | |||
Automotive [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 208,394 | 175,343 | 727,220 | 640,767 | |||
Telecommunications [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 45,924 | 45,835 | 190,682 | 193,456 | |||
Computing [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 47,431 | 41,070 | 198,850 | 172,481 | |||
Consumer Products [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 37,259 | 29,607 | 145,243 | 150,741 | |||
Power Supplies [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 34,243 | 34,858 | 160,038 | 132,555 | |||
Military and Aerospace [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 35,214 | 33,176 | 132,898 | 128,523 | |||
Medical [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 28,118 | 28,146 | 109,806 | 102,774 | |||
Asia [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 285,478 | 257,058 | 1,091,107 | 948,195 | |||
Americas [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 163,935 | 141,718 | 605,904 | 558,590 | |||
Europe [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Revenue | 267,382 | 206,025 | $ 902,357 | $ 810,543 | |||
MOSFETS Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Product Sales | 127,494 | 104,842 | |||||
Royalty Revenues | 12 | 0 | |||||
Total Revenue | 127,506 | 104,842 | |||||
Gross Margin | 32,022 | 20,717 | |||||
Segment Operating Income | 22,558 | 11,803 | |||||
Diodes Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Product Sales | 167,017 | 144,585 | |||||
Royalty Revenues | 0 | 0 | |||||
Total Revenue | 167,017 | 144,585 | |||||
Gross Margin | 43,200 | 38,162 | |||||
Segment Operating Income | 37,931 | 33,442 | |||||
Optoelectronic Components Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Product Sales | 71,958 | 65,262 | |||||
Royalty Revenues | 0 | 0 | |||||
Total Revenue | 71,958 | 65,262 | |||||
Gross Margin | 27,233 | 22,442 | |||||
Segment Operating Income | 22,794 | 17,117 | |||||
Resistors And Inductors Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Product Sales | 244,019 | 200,246 | |||||
Royalty Revenues | 27 | 6 | |||||
Total Revenue | 244,046 | 200,252 | |||||
Gross Margin | 78,530 | 61,215 | |||||
Segment Operating Income | 70,002 | 53,958 | |||||
Capacitors Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Product Sales | 106,268 | 89,860 | |||||
Royalty Revenues | 0 | 0 | |||||
Total Revenue | 106,268 | 89,860 | |||||
Gross Margin | 24,315 | 19,213 | |||||
Segment Operating Income | 18,893 | 14,190 | |||||
Unallocated Amount to Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Segment Operating Income | (68,116) | (61,463) | |||||
Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Segment Operating Income | 172,178 | 130,510 | |||||
Unallocated Amount to Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring and severance Costs | 0 | (1,469) | |||||
Unallocated Other Income (Expense) | $ (12,043) | $ (17,136) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator for basic earnings per share: | |||||||
Net earnings attributable to Vishay stockholders | $ 62,366 | $ (177,657) | $ 64,404 | $ 56,190 | $ 36,719 | $ (20,344) | $ 48,792 |
Denominator for basic earnings per share: | |||||||
Weighted average shares | 144,160 | 146,120 | |||||
Outstanding phantom stock units | 167 | 154 | |||||
Adjusted weighted average shares (basic) | 144,327 | 146,274 | |||||
Effect of dilutive securities: | |||||||
Convertible and exchangeable debt instruments | 14,610 | 8,349 | |||||
Restricted stock units | 565 | 253 | |||||
Dilutive potential common shares | 15,175 | 8,602 | |||||
Denominator for diluted earnings per share: | |||||||
Adjusted weighted average shares (diluted) | 159,502 | 154,876 | |||||
Basic earnings per share attributable to Vishay stockholders (in dollars per share) | $ 0.43 | $ 0.25 | |||||
Diluted earnings per share attributable to Vishay stockholders (in dollars per share) | 0.39 | $ 0.24 | |||||
Convertible Senior Debentures, Due 2040 [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 12.91 | ||||||
Convertible Senior Debentures, Due 2041 [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 0 | 8,340 | |||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 17.69 | ||||||
Convertible Senior Debentures, Due 2042 [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Minimum market price of common stock for inclusion of shares issuable upon conversion of senior debentures for calculation of diluted earnings per share (in dollars per share) | $ 10.98 | ||||||
Weighted average other [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount (in shares) | 307 | 581 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Assets: | ||
Held-to-maturity Securities, Transferred Security, at Carrying Value | $ 0 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | |
Other than Temporary Impairment Losses, Investments, Held-to-maturity Securities | 0 | |
Liabilities: | ||
Embedded derivative | (699) | $ (538) |
Long-term Debt, Fair Value | 1,015,400 | 1,071,200 |
Carrying value of long-term debt, excluding derivative liabilities | 414,342 | 379,033 |
Derivative, Notional Amount | 100,000 | 100,000 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets held in rabbi trusts | 43,756 | 45,252 |
Available for sale securities | 4,702 | 4,621 |
Fair Value Assets | 48,458 | 49,873 |
Liabilities: | ||
Fair Value Liabilities | (699) | (538) |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets held in rabbi trusts | 27,199 | 28,589 |
Available for sale securities | 4,702 | 4,621 |
Fair Value Assets | 31,901 | 33,210 |
Liabilities: | ||
Fair Value Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets held in rabbi trusts | 16,557 | 16,663 |
Available for sale securities | 0 | 0 |
Fair Value Assets | 16,557 | 16,663 |
Liabilities: | ||
Fair Value Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets held in rabbi trusts | 0 | 0 |
Available for sale securities | 0 | 0 |
Fair Value Assets | 0 | 0 |
Liabilities: | ||
Fair Value Liabilities | (699) | (538) |
Convertible Senior Debentures, Due 2040 [Member] | ||
Liabilities: | ||
Embedded derivative | (300) | (206) |
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (300) | (206) |
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2040 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (300) | (206) |
Convertible Senior Debentures, Due 2041 [Member] | ||
Liabilities: | ||
Embedded derivative | (270) | (214) |
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (270) | (214) |
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2041 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (270) | (214) |
Convertible Senior Debentures, Due 2042 [Member] | ||
Liabilities: | ||
Embedded derivative | (129) | (118) |
Convertible Senior Debentures, Due 2042 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | (129) | (118) |
Convertible Senior Debentures, Due 2042 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2042 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | 0 | 0 |
Convertible Senior Debentures, Due 2042 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Embedded derivative | $ (129) | $ (118) |